This allows you to convert your life Insurance policy into cash

If you no longer need to have a life insurance policy or can no longer afford the premiums you can, of course, let the policy laps and collect what ever the cash value is if there is a cash value.

You may also decide to “sell” your policy and in most cases collect a good deal more than the surrender cash value. This is usually done through a broker who will check with a number of investors with the usual sale typically resulting in your receiving 3 to 5 times the cash surrender value of your policy.

Life settlement can apply to both straight life insurance and in some cases to term insurance (which has no surrender cash value) as well. In most cases purchasers expect you to have reached the age of 70. The value usually depends on your age as well as your health. A health person around 70 years old will receive much less than someone in his/her middle 80’s who is not well.

If you sell your policy the purchaser will pay your premiums and collect the full face amount of the policy after your demise.

Any financial dealings of this magnitude should be checked by your attorney and RetiredBrains makes no guaranteed as to the legitimacy of this or any firm included on the Website..